Auckland property prices fall in August, listings stay low

House prices in Auckland fell during August as the number of properties being listed continued to stall. Figures released today by the region's largest real estate agency, Barfoot and Thompson, showed an average sales price of $510,978 - a 4.4 per cent fall from July and 4 per cent down on August last year.

The company sold 637 properties, seven fewer than July and 28 less than June.

"Sales levels have remained constant around the 650 level for three months," said the company's managing director Peter Thompson.

The number of new listings - 1086 in August, was the lowest in 7 months and the lowest in 18 months if December was excluded, which was always affected by the lead in to the Christmas and holiday season, said Thompson.

At the start of this month, Barfoot and Thompson had 5626 properties for sale, the lowest number for 7 months.

Rental activity remained strong in August, with the average weekly rent achieved being $406, down $2 a week on the average for July but up $28 on that for August last year.

Posted: 3 Sep 2010

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